American Bankers are outraged over charge for debit card cancellations

>American Bankers are outraged over charge for chargebacks on debit cards (Alberta Times) Illinois Congressman Dick Durbin held a meeting in a supermarket on the 30th...

(Alberta Times)

Illinois Congressman Dick Durbin Durbin held a press conference in a supermarket on the 30th, saying that new banking regulations that will take effect on October 1 will mean that small merchants will not be charged fees by banks because customers use debit cards to pay. But critics of the regulation say it would allow banks to pass fees onto consumers. After announcing on the 29th that it would charge a monthly fee of 5 yuan for debit cards, Bank of America came under fierce criticism from investors and users on the 30th. They vowed to change banks and open accounts at other banks in online text messages and social media. The website of Bank of America was blocked at about 2 pm on the 30th, but the reason is still unclear. Rui Rui from Fox Business Network. On the evening of the 29th, Willis took out her American Commercial Bank debit card and cut it with scissors on the spot, saying, "I will make clear to American Commercial Bank my attitude towards their charges now." She said angrily: "The monthly fee of five yuan may not be high, but it is a matter of principle, which means they will take more out of my pocket." Bank of America said that their decision to charge for debit cards was triggered by Senator Durbin's proposal because the bank's revenue from consumers swiping their cards in stores has decreased. However, Senator Durbin issued a statement on the 29th, saying: "Bank of America is trying to find new excuses in order to extract profits from users. Their intention is obvious and unfair. We hope consumers can make the final judgment." Bank of America is the bank that absorbs the largest deposits in the country. It is now entangled in billions of dollars in mortgage litigation, and the bank's stock has fallen 56% so far this year. Bank of America announced last month that it would cut 30,000 jobs and reorganize its top management. In order to enhance consumer confidence, Bank of America has continuously stated that it does not need to increase the bank's capital. The bank has sold some high-value assets and received a 5 billion yuan investment from investment tycoon Buffett in August this year. Bank of America plans to start charging debit card usage fees for basic checking accounts starting next year, but it will only apply to purchases using the debit card, and will not apply to transactions such as cash withdrawals at ATMs, online payments, or mobile phone transfers.